Art Dealer Charged with Tax Crimes from Allegedly Fraudulent Sales of Art

On May 21, 2013, Preet Bharara, the United States Attorney for the Southern District of New York, and other law enforcement officials, announced the arrest of Glafira Rosales, an art dealer, for filing false tax returns and failing to disclose a foreign bank account in Spain to the IRS.  Rosales allegedly failed to report the receipt of at least $12.5 million in income from the sale of works purported to be by celebrated abstract expressionist artists.  Rosales allegedly received most of the income in a bank account in Spain that she hid from, and failed to report to the IRS.[1]